Mark and Patricia have donated to the Allentown Symphony for many years. They wanted to increase their giving, and they were looking for a way to care for their family in the future.
Mark: We heard that now is the best time in years to set up a charitable lead trust. We could fund the trust with cash or stock and the trust would pay income to the Allentown Symphony Association for a number of years, with the rest of the trust value going to our children in the future.
Patricia: We liked the fact that our children would be well cared for and that we could see the results now of our gifts to the Allentown Symphony Association.
Mark and Patricia were also pleased to learn that taxes on the gifts to their children would be significantly reduced by the added benefit of a gift tax charitable deduction. After the income was paid to the Allentown Symphony, the remaining trust value would go to their family with very little tax owed.
Mark: Patricia and I found that by using a charitable lead trust, we could accomplish our goals of helping both family and charity during our lifetimes.
A charitable lead trust can be an excellent part of many tax-planning strategies. For more information about lead trusts, please contact us.